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Federal Register / Vol. 86, No. 20 / Tuesday, February 2, 2021 / Notices of this analysis, the burden associated with the requirements of rule 30b21
has been included in the collection of information requirements of rule 30e1
17 CFR 270.30e1 and Form NCSR, rather than the rule. The Commission has, however, requested a one hour burden for administrative purposes.
The collection of information under rule 30b21 is mandatory. The information provided under rule 30b2
1 is not kept confidential. An agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless it displays a currently valid OMB control number.
The public may view the background documentation for this information collection at the following website, www.reginfo.gov. Comments should be directed to: i Desk Officer for the Securities and Exchange Commission, Office of Information and Regulatory Affairs, Office of Management and Budget, Room 10102, New Executive Office Building, Washington, DC 20503, or by sending an email to:
Lindsay.M.Abate@omb.eop.gov; and ii David Bottom, Director/Chief Information Officer, Securities and Exchange Commission, c/o Cynthia Roscoe, 100 F Street NE, Washington, DC 20549 or send an email to: PRA_
Mailbox@sec.gov. Written comments and recommendations for the proposed information collection should be sent within 30 days of publication of this notice to www.reginfo.gov/public/do/
PRAMain. Find this particular information collection by selecting Currently under 30-day ReviewOpen for Public Comments or by using the search function.
Dated: January 27, 2021.
J. Matthew DeLesDernier, Assistant Secretary.
FR Doc. 202102126 Filed 2121; 8:45 am BILLING CODE 801101P

jbell on DSKJLSW7X2PROD with NOTICES

Release No. 3490997; File No. SR
CboeBZX2021010

Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating To Amend Its Fee Schedule To Eliminate Certain Routing Fee Codes
II. Self-Regulatory Organizations Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, the self-regulatory organization included statements concerning the purpose of, and basis for, the proposed rule change and discussed any comments it received on the proposed rule change. The text of those statements may be examined at the places specified in Item IV below.
The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant parts of such statements.

1. Purpose The Exchange proposes to amend its fee schedule applicable to its equities trading platform BZX Equities by eliminating certain routing fee codes.3
The Exchange first notes that it operates in a highly competitive market 1 15

U.S.C. 78sb1.
CFR 240.19b4.
3 The Exchange initially filed the proposed fee changes January 4, 2021 SRCboeBZX2021001.
On January 13, 2021, the Exchange withdrew that filing and submitted this proposal.
2 17

January 27, 2021.

Pursuant to Section 19b1 of the Securities Exchange Act of 1934 the
19:08 Feb 01, 2021

I. Self-Regulatory Organizations Statement of the Terms of Substance of the Proposed Rule Change Cboe BZX Exchange, Inc. the Exchange or BZX is filing with the Securities and Exchange Commission Commission a proposed rule change to amend the fee schedule applicable to Members and non-Members of the Exchange pursuant to BZX Rules 15.1a and c. Changes to the fee schedule pursuant to this proposal are effective upon filing. The text of the proposed rule change is provided in Exhibit 5.
The text of the proposed rule change is also available on the Exchanges website http markets.cboe.com/us/
equities/regulation/rule_filings/bzx/, at the Exchanges Office of the Secretary, and at the Commissions Public Reference Room.

A. Self-Regulatory Organizations Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change
SECURITIES AND EXCHANGE
COMMISSION

VerDate Sep<11>2014

Act 1 and Rule 19b4 thereunder,2
notice is hereby given that on January 13, 2021, Cboe BZX Exchange, Inc. the Exchange or BZX filed with the Securities and Exchange Commission the Commission the proposed rule change as described in Items I and II
below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons.

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in which market participants can readily direct order flow to competing venues if they deem fee levels at a particular venue to be excessive or incentives to be insufficient. More specifically, the Exchange is only one of 16 registered equities exchanges, as well as a number of alternative trading systems and other off-exchange venues that do not have similar self-regulatory responsibilities under the Exchange Act, to which market participants may direct their order flow. Based on publicly available information,4 no single registered equities exchange has more than 16% of the market share. Thus, in such a low-concentrated and highly competitive market, no single equities exchange possesses significant pricing power in the execution of order flow.
The Exchange believes that the evershifting market share among the exchanges from month to month demonstrates that market participants can shift order flow or discontinue to reduce use of certain categories of products, in response to fee changes.
Accordingly, competitive forces constrain the Exchanges transaction fees, and market participants can readily trade on competing venues if they deem pricing levels at those other venues to be more favorable.
The Exchange assesses fees in connection with orders routed away to various exchanges. As a result of minimal use in the last months, the Exchange proposes to eliminate the following routing fee codes currently under the Fee Codes and Associated Fees section of the Fee Schedule:
Fee code 8, which is appended to Members orders routed to NYSE
American that adds liquidity and assesses a charge of $0.00020 per contract; and Fee code MX, which is appended to Members orders routed to NYSE
American using the TRIM or SLIM 5
routing strategy and assesses a charge of $0.00020 per contract.
The Exchange has observed a minimal amount of volume in recent months in orders yielding fee codes 8 or MX. In particular, over the last six months the Exchange observed that orders yielding fee code MX accounted for 4 See Cboe Global Markets, U.S. Equities Market Volume Summary, Month-to-Date December 29, 2020, available at https markets.cboe.com/us/
equities/market_statistics/.
5 The TRIM and SLIM routing strategies are routing strategies in which an order checks the System for available shares if so instructed by the entering User and then is sent to destinations on the applicable System routing table. See Rule 11.13b3G; see also Cboe Routing Strategies, FIX/BOE Routing Tags and Instructions, available at: https cdn.cboe.com/resources/features/Cboe_
USE_RoutingStrategies.pdf.

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